Page 3 Advertisements Column 4

Nelson Evening Mail, Volume V, Issue 10, 9 July 1870, Page 3

prospectus; OF THE "VTELSON PATENT SLIP COMPANY. To be registered under the Joint .Stock Company's Limited Liability Act, 1860. CAPITAL, £10,0 JO in 2000 Shares, of £5 Each Provisional Directors : Honorable Thomas Renwick, M.L.C , Chairman. Mr Alexander Brown Mr Thomas R. Fisher „ James Burnett „ Thomas Freeman „ Arthur S. Collins „J. Henry „ Jami-s Cross „ Henrt Hounsell „ J. R Dodson „ M. Lightband „ Henry Drew „ J. R. Mabin „ Edward Everett „ Thomas Mackay Mr. John Scott. Bankers : The Union Bank of Australia. Solicitors : Messrs. Adams and Pitt. Secretary : Mr. John MTntosh. liegisiered Office : Mr. M'lntosii's Office, Trafalgar-street, Nelson. 1. The object of this Company is to supply a long-felt want in connection with the shipping interest of this Province, viz:-A means whereby the 1. rge fleet of Local and Inter-Provincial steam and sailing vessels may have a speedy, safe, and convenient n.eih >d of getting repairs effected at Nelson, thereby maintaining the reputation of its Harbor, as one of the best suited for the purpose in New Zealand. 2. As a means of promoting this enterprise, the Provincial Government, although unable to promise a lease for a longer period than twentyotie years, will grant a lease of a suitable site, rent free, for that term, and at tne end of such term the Government to hive the option of purchasing the Slip and Buildings at a valuation, or they will either r.new the lease for a further term of twenty-one years, or else allow the Company to remove the Slip, with all lla.hinery and Buildings, from the site leased. 3. The Provincial Government, further recognising the importance of the proposed works, are prepared to guarantee interest on the capital expended at the rate of £10 per cent, per annum for ten years, in terms of the Nelson Patent Mip and Dry Dock Act, 1867, and the Nelson Patent Slip and Dry Dock Act Amendment Act, 1869, to any Company that will undertake and complete the necessary works. 4. The estimated cost of the intended woi'cs is £7000, and it is proposed that, should the gross proceeds be in excess of the working expi'jses and repairs, so much of such excess, to the e icent of 5 per centum per annum on the capital, shall, in the first place, be yearly set apart as a. Sinking Fund for the redemption of s.iid capital. .5: As soon as Shares in the Company, representing capital to the extent of* £7.ooo, are subscribed for, a Deed of Association will be prepared, Permanent Directors elected, a Slip on Morton's patent principle, capable of taking up vessels of 500 tons register, procured, and the necessary works for its erection proceeded with. 6. Such a favorable scheme has seldom- been laid before the public of New Zealand, seeing that for the first ten years interest at the rate of £10 per cent, is guaranteed. Besides, should the gross receipts exceed the working expenses, and thereby enable a Sinking Fund to be set apart, the capital invested will b? considerably reduced. However, without the aid of the Government guarantee, looking to the progress these Colonies are makiug, and their rapidly increasing shipping interest, a speculation of the kind is worthy the attention of -investors, even on its own merits. Moreover, considering the number of workmen employed in this and the sister Colonies in the repair of ships, the Indirect benefit to Nelson, by the erection and working of the proposed a Slip, would be of great importance. 7. Application for Shares, vith a deposit of £1 per Share, must be made in the annexed form; the balance in calls, not exceeding £1 per Share, at intervals of not less than one month, or such extended time as tha Directors may deem expepedient, of which one month's notice for the payment thereof will be given by advertisement in at least one of the local newspapers. FORM OF APPLICATION FOR SHARES. To the Provisional Directors of tue Nelson Patent Slip Company Gentleman— l beg to make application for Share in theabove Company, for which I enclose (in terms of the Prospectus) £ being the deposit of £1 per Share; and I hereby agree to pay the residue of the said Share if allotted to me, and further, to sign the Deed of Association when called upon to do so by the Provisional Directory. Date Name, in full Address..... 8u5ine55............ 1197 Signature.